AXA announced today it has entered into an agreement to acquire 100% of Assur Africa Holdings2 (“AAH”) which holds a 77% stake3 in the composite insurance company Mansard Insurance plc (“Mansard”). Under the terms of the agreement, the total cash consideration payable at closing would amount to Euro 198 million. AXA would include the acquired operations within its Mediterranean & Latin American Region.
Mansard is the #4 insurance provider in Nigeria with operations in both Property & Casualty (#4 with 5% market share) and Life & Savings (#5 with 4% market share)4. The company is well established in commercial lines5, which represents nearly two thirds of its revenues, and has been developing successfully its retail business, achieving a growth of ca. 40% per annum on average over the past three years. Mansard has built a strong competitive advantage through its multi-channel approach, with a strong focus on proprietary networks.
This transaction would allow AXA to enter the highly attractive Nigerian market through a very reputable local company, led by a talented management team. Moreover, Mansard would be able to capitalize on AXA’s extended distribution knowledge, unique product skills and actuarial know-how, to accelerate further its development and leverage its competitive advantages. The closing of the transaction is expected before the end of 2014. Source: Web Disclosure